GM and Honda have announced a long-term definitive “master agreement” to co-develop fuel cell system technology and hydrogen storage technologies with the goal of commercializing products within the 2020 timeframe.

The two automakers believe that by sharing expertise and economies of scale they can bring the technology to market. GM and Honda also plan to work with other stakeholders to advance the hydrogen refueling infrastructure that is critical for the viability of fuel cell powered vehicles.

Honda and GM together hold more than 1,200 hydrogen fuel cell-related patents between them.

“This collaboration builds upon Honda and GM’s strengths as leaders in hydrogen fuel cell technology,” said Dan Akerson, GM chairman and CEO. “We are convinced this is the best way to develop this important technology, which has the potential to help reduce the dependence on petroleum and establish sustainable mobility.”

GM and Honda also point out that fuel cell vehicles have a range of up to 400 miles, need only about 3 minutes to refuel, and the propulsion system can be used in small, medium, and large vehicles.

GM has been working with hydrogen fuel cell-powered extensively over the past decade and launched Project Driveway in 2007. That project has a fleet of 119 hydrogen-powered vehicles that have accumulated about 3,000,000 miles of real-world driving. Honda began leasing the Honda FCX in 2002 and has 85 units in use in the U.S. and Japan, including the FCX Clarity.

Honda also plans to launch a hydrogen fuel cell-powered successor to the FCX Clarity in the Japan and the U.S. in 2015 (the vehicle will hit Europe at a later date).